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  3. Security and commodity exchanges are trading posts where people meet who wish to buy and sell. The exchanges themselves do no tr

Security and commodity exchanges are trading posts where people meet who wish to buy and sell. The exchanges themselves do no tr

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问题     Security and commodity exchanges are trading posts where people meet who wish to buy and sell. The exchanges themselves do no trading,they merely provide a place where prospective buyers and sellers can meet and conduct their business.
    Wall Street,although the best known,is not home of exchanges in the United States. There are the cotton exchanges in New Orleans and Chicago; the Mercantile Exchange which deals in many farm products in Chicago; and grain exchanges in many of the large cities of the Midwest. Some exchanges,like Chicago Board of Trade, provide market services for several kinds of products. These trading posts where products may be brought or sold are called commodity exchanges.
    The security exchanges,on the other hand,are meeting places where stocks and bonds are traded. Like the commodity exchanges,they help serve the economic life of the country. But when their operations get out of hand,they may become very dangerous. In 1929,the security exchange,or stock market,contributed to a crash-a sudden sharp decline in the value of securities. Many people lost fortunes; many corporations were bankrupted; many workers lost their jobs. The crash of 1929 has been attributed to many causes,among them wild and unwise speculation by many people and dishonest practices on the part of some business and of some members of the exchanges.
    Today,however,investing through security exchanges and trading on commodity exchanges has been made safer by regulations set up by the exchanges themselves and by regulations of the United States government. In 1922,the government instituted the Commodity Exchange Commission which operates through the Department of agriculture; and in 1934,the Securities Exchange Commission,to protect investors and the public against dishonest practices on the exchanges.
A sudden,sharp decline in the value of securities is called____.
选项 A、a trade
B、speculation
C、investment
D、a crash
答案D
解析 本题的四个选项中，只有D项为正确答案。这可从文中的“In 1929，the security exchange，or stockmarket，contributed to a crash-a sudden sharp decline in the value of securities．”推知。
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